Land Tax is an annual State Tax imposed by each State and Territory off Australia (except the Northern Territory) and is a tax levied on the owners of land.
The Office of State Revenue will typically look after Land
The Valuer General values all land annually and provides the
values to the OSR for land tax purposes.
Values are determined at the 30th June, preceding
each land tax year.
If an owner sells land after midnight June 30 2020, they
would still be responsible for land tax for the 2019-2020 assessment year. The
State Revenue Office does not apportion land tax.
Land Tax applies to any property that is not the principal
place of residence, even if that property does not earn any income.
The value of taxable land does not include structural
improvements, ie a house.
Land Tax may be payable if an owner owns or part owns:
· Vacant land/vacant rural land
· Land where a house/residential unit/flat has
· Holiday homes
· Company title units
· Residential/commercial/industrial units and car
· Commercial properties/factories/shops/warehouses
· Land leased from State or Local government
Land used for both the principal place of residence and
non-residential purposes may be eligible for a reduction in land tax for the
proportion used as the residence.
Land zoned rural which is used for primary production is
exempt and a former home which is not sold by the time the new one is moved
into, or one which is in the process of being renovated before it is lived in,
may be negotiable for exemption.
If the combined value of land is equal to or under the
threshold, no land tax is payable.
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Monday, 24 February 2020